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16.7 Know Your Customer (KYC) Process

N 35/2018 STA
  1. 16.7.1The Licensed Person must carry out KYC process for its customers in order to confirm who its customers are, and to ensure that the funds involved in their transactions are originating from legitimate sources and used for legitimate purposes;
  2. 16.7.2The Licensed Person must apply an appropriate KYC Process for its customers depending on the ML/FT risks associated with each customer or transaction; and
  3. 16.7.3There are three different types of KYC Processes that must be applied based on the ML/FT risk associated with a customer. These are:
    1. a)Customer Identification (CID) Process;
    2. b)Customer Due Diligence (CDD) Process; and
    3. c)Enhanced Due Diligence (EDD) Process.